Paul was appointed manager of Exeter City in June 2006 and became the most successful boss the Grecians have had in their history. He was to manage Exeter City for twelve years leaving in June 2018 to take charge of MK Dons.

Paul led Exeter to the Conference play-off final at Wembley in his first season (losing to Morecambe 2-1) and again in 2007-08, this time steering the team back to the Football League following a 1-0 win against Cambridge United. He then guided the team to automatic promotion to League One in 2008-09 thus achieving back-to-back promotions as Exeter finished as runners-up. After three seasons City were relegated from League One in 2012 and the club remained in League Two, after two unsuccessful play-off campaigns, when Paul left in 2018.

Since leaving St James Park in June 2018 Paul has managed MK Dons (to November 2019), Bristol Rovers (November 2020 to February 2021) and Stevenage (November 2021 to March 2022).

Prior to joining Exeter, Paul played for England Schools and started his professional career as a trainee at Southampton where he only made a handful of appearances for the South Coast club's first-team. While at the Dell he also spent time on loan at Northampton Town and Huddersfield Town, before joining Bristol City on a free transfer in 1997.

In December 1997, Exeter signed Paul on loan and he netted on his debut in a 3-0 win against Rochdale. In all Paul played ten league games before returning to Ashton Gate in February 1998. 

After leaving Bristol City later that year, he played a summer season in Finland for Helsinki-based side Finnpa before landing a one-year deal with Greek side Panionios. Paul subsequently helped the Athens outfit to the quarter-finals of the 1999 European Cup where they eventually bowed out at the hands of Lazio. Paul was then handed a route into coaching thanks to a new programme at the University of Bath whilst he prolonged his own playing career on a part-time basis at Yeovil Town. Subsequently, when a back injury forced him to hang up his boots, he managed Team Bath - a club associated with the university - to four promotions in seven seasons and also took on the role of coach to the England Universities side which won the British Universities championship in 2006. Exeter beckoned soon afterwards.

Although now firmly a coach and manager, and aged 38 to boot, Paul hadn't quite finished with playing as he famously appeared as a late substitute in City's final game of the 2010-11 season at Sheffield Wednesday fully thirteen years after his previous league appearance for Exeter.